Thename of the product is 250ml ExtraVirgin Olive Oil, Frantoio, Leccino and Koroneiki varieties. It consistsof Frantoio Extra Virgin Olive Oil, LeccinoExtra Virgin Olive Oil and Koroneiki Extra Virgin Olive Oil. It has softlyflavoured oil with a mild, grassy aroma, with a distinctive lasting pepperyfinish. It is 250 mL. The owner of this intellectual property of the product islocal Australian who lives in Taggerty, about 120km North East of Melbourne. Itis a boutique olive farm located in Taggerty where a Tuscan-style climateprovides the perfect conditions for growing premium quality olives.
I chose this product because itis suitable with the current trend which is healthy trend. This trend seemsto be increase continuously for few years. This product is 100%homemade, directly comes from the farm. Moreover, Australian Olive industry hasgrown steadily in the last 10 years to a technically industry from a cottageindustry that is gradually export focused. Australian olive oil quality hasconstantly developed and production efficiencies improved over this time. Theyare currently at the point of affordable and high quality Australian extravirgin olive oil is currently commonly reachable to consumers both ininternationally and Australia.
Each bottle of Olive Oil from this companyare prepared with absolute care and love. Extra virgin olive oils is anaccessible luxury for every gourmet food lover.In2014, in United States, Californian oils are selling at unrealistic retailprices which is up to $100 per liter which lead to increase in number of oliveoil importing. Also, Japanese market has grown to importing 51,000 metric tonsof Olive Oil imports. Besides, the demand of high-quality olive products inSingapore Malaysia, Taiwan, and many northern countries in Europe are quicklygrowing.Therelevant legislation that may affect this business opportunity are consumerprotection acts, copy right legislations, and fair trade. Consumer protectionacts will affect the business because they have to concern more about theirproducts.
They have to be certify and pass the Government standard which theproducers have to work a lot on getting those certificates. Since there are alot of company who have similar products launched out to the market, the companyhas to seriously concern about copy right legislations. Moreover, they have tocomply with fair trade act at all time or else they will be punish because theyare against the law or may not be able to do the business again. Sources ofinformation that were accessed are from their website and webpages. Riskreview of the business opportunity are increased in number of vegetable oilscompetition and Increased proportion of extra virgin produced. The sale ofvegetable oils including corn, canola and peanut oils, olive oil enlarged by5.
1% whereas other oils raised by 31.8%. Additionally, a larger amount of extravirgin olive oil production is increased in the Mediterranean countries.
Thus,an improved production techniques is increased. Skillsrequired by personnel in country and the personal skills needed to manage thebusiness opportunity are negotiation skills, risk management skills, and import-exportplanning skills. To be successful, negotiation skills are significantlyrequired.
The company has to negotiate with customers or suppliers for higherprofits or advantages and good negotiators will always get a very good deal. Ifthe company do not well plan about the risks, the company may get in big issueswhich may be time and money consuming. If the company can proper managed, itwill be one of the incredible opportunities aspects.
Good import -exportplanning skills will enhance the opportunities of the company sale, meet themarket expectation and demand of the customers.Inconclusion, this product is worth to invest because the demand is increasingand seems to be double time raising compare to the past. The owner of thecompany can produce themselves. They can have lower cost of goods which theycan make a lot of margin on this products.